Robinhood built a blockchain for tokenized stocks. Memecoins took over
Robinhood Chain has pulled in $135 million of value and 800,000 addresses since July 1. Almost none of it is doing what the chain was built for.
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Summary
- Robinhood Chain, an Ethereum layer-2 launched July 1 to host tokenized stocks, has quickly become one of crypto’s busiest new networks, with about $312 million in total value locked and 3.6 million daily transactions.
- Despite Robinhood’s pitch of a regulated venue for tokenized real-world assets, those assets account for only about $12.8 million on the chain, while memecoins like CASHCAT and stablecoins dominate activity and market value.
- The chain’s future hinges on whether speculative memecoin traders convert into users of its tokenized equity and real-world asset offerings.
